DETROIT, US: Huron Capital Partners LLC said that its specialty coatings ExecFactor platform, Valentus Specialty Chemicals Inc has acquired North Brunswick, NJ-based National Paint Industries Inc (NPI).
Huron Capital formed Valentus in partnership with coatings industry veterans Ray Chlodney, John Ragazzini, and Bob Taylor to pursue a buy-and-build initiative in the industrial coatings sector. The US coatings market
is fragmented and large with annual revenues of $22 billion, according to the ChemQuest Group.
NPI is a manufacturer of high-performance specialty coatings used in residential and commercial flooring, industrial protective maintenance, pool, marine and other applications. The company has been owned and operated by brothers Mike and Don Schnurr, whose father founded the business in 1959. As a result of the acquisition, the Schnurr brothers have become significant shareholders in Valentus and will serve on its board of directors. They will continue to run the day-to-day operations at NPI.
“In partnership with Huron Capital, we will be actively looking for other specialty coatings companies that are complementary to NPI as we continue to grow the Valentus platform,” said Ray Chlodney.
“The Huron Capital team is a big believer in ExecFactor, our executive-led market entry model. We believe NPI is a great acquisition for Valentus, and we expect there will be similar deals ahead,” said Mike Beauregard, senior partner at Huron Capital.
“We believe our veteran leadership team is poised to build a market-leading business with superior coatings technologies and a broad geographic reach,” said Mark Miller, VP at Huron Capital.
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